10 loss years were recorded (limit 2), and margins varied 134% around their average (limit 35%).
- 10y median
- 2.1%
- Worst year
- -4.1%
- Latest · 2025
- 16.2%
# Liberty Latin America (LILA.US) Canonical: https://gigainvestors.com/s/LILA Analysis as of: 2026-10-16T07:29:50.572Z. Financial observations: FY2012–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no. Share price: $8.25 per share; close as of 2026-10-15. ## Checklist ### understandable: fail - 5 revenue declines in the last 10 years (informational) - more than 2 net loss years - operating margin variation exceeds 0.35 - Financial history: 10 years - Years with declining revenue: 5 - Years with a net loss: 10 - Operating margin variation: 1.34× Chart: Operating margin; fiscal year observations. - FY2016: 0.12× - FY2017: -0.04× - FY2018: -0.01× - FY2019: 0.08× - FY2020: 0.02× - FY2021: 0.01× - FY2022: 0.02× - FY2023: 0.11× - FY2024: -0.01× - FY2025: 0.16× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 1.3% - ROIC, second-lowest year: -0.7% - Typical minus recent gross margin: -0.0 pp - Typical gross margin (annual median): 66.6% - Recent gross margin (lower of latest and 3-year median): 66.6% - Years with nonpositive capital: 0 - Capital spending / revenue: 15.1% - ROIC including acquisitions, ten-year median: -2.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 7.6% - FY2017: -3.4% - FY2018: -0.5% - FY2019: 4.8% - FY2020: 1.4% - FY2021: 1.0% - FY2022: 1.2% - FY2023: 7.4% - FY2024: -0.7% - FY2025: 8.4% ### economics: fail - owner earnings cash conversion below threshold - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: -$218M - Net income, five-year total: -$2.0B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -0.3 pp - Working capital / revenue, change between three-year averages: -2.2 pp - Working capital / revenue, final three-year average: 10.4% Chart: Owner earnings · five years; fiscal year observations. - FY2021: -$212M - FY2022: $80M - FY2023: $350M - FY2024: -$229M - FY2025: -$206M ### management: fail - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: -0.5% vs 7.4% - Per-share earnings: -1.38 to -2.08 (three-year endpoint medians) - per-share value declined or ends nonpositive - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 20.3% - Ordinary dilution, 5-year annual growth: 0.4% - Market cap gain: -$1.1B - Cumulative retained earnings: -$4.0B - Diluted shares, 10-year annual growth: 20.3% - Diluted shares, 5-year annual growth: 0.4% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value change: -$0.70 - Per-share value, starting three-year median: -$1.38 - Per-share value, ending three-year median: -$2.08 - Buybacks concentrated in cheaper years (correlation): 0.10 - Average buyback yield: 3.5% - Buyback history: 9 years - Debt-funded buybacks: Yes - Acquisition spending: $3.1B - Cumulative net income, 10 years: -$4.1B - ROIC, first three-year median: -0.5% - ROIC, last three-year median: 7.4% Chart: Earnings per share; fiscal year observations. - FY2016: -$1.38 - FY2017: -$3.08 - FY2018: -$1.33 - FY2019: -$0.39 - FY2020: -$2.37 - FY2021: -$1.29 - FY2022: -$0.52 - FY2023: -$0.24 - FY2024: -$2.25 - FY2025: -$2.08 ### accounting: pass - restructuring or one-time charges in at least three of five years - Sloan accruals: -11.6% - Receivables to sales index (DSRI): 0.99× - Restructuring years, last five: 5 - Stock compensation / operating cash flow: 6.8% - Earnings backed by cash: Yes - Accounting red flags: 1 - Goodwill and intangibles / equity: 8.44× Chart: Sloan accruals; fiscal year observations. - FY2016: -5.1% - FY2017: -9.9% - FY2018: -8.6% - FY2019: -6.9% - FY2020: -8.8% - FY2021: -9.5% - FY2022: -7.7% - FY2023: -7.1% - FY2024: -11.0% - FY2025: -11.6% ## Holders - [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Up 78% since Oct 2023 · sales -0.3% Story as of 2026-10-16T09:59:04.435Z; price observation 2026-10-15. ### Sales · FY2024–2025 sales -0.3%; source https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm; observed 2026-02-18. - FY2016: $2.7B - FY2017: $3.6B - FY2018: $3.7B - FY2019: $3.9B - FY2020: $3.8B - FY2021: $4.8B - FY2022: $4.8B - FY2023: $4.5B - FY2024: $4.5B - FY2025: $4.4B ### Gross margin · FY2025 gross margin 67.5%; source https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm; observed 2026-02-18. - FY2016: 75.1% - FY2017: 75.6% - FY2018: 76.0% - FY2019: 66.6% - FY2020: 66.3% - FY2021: 63.9% - FY2022: 64.0% - FY2023: 66.6% - FY2024: 66.5% - FY2025: 67.5% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in telecom services; annual sales are USD 4.4 billion. - Source: https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm (filed 2026-02-18); FY2025: revenue 4442200000; grossProfit 2997700000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LILA.US: Liberty Latin America Ltd., together with its subsidiaries, provides fixed, mobile, and subsea telecommunications services in Puerto Rico, Panama, Costa Rica, Jamaica, Latin America and the Caribbean, the Bahamas, Trinidad and Tobago, Barbados, Curacao, Chile, and internationally. The company operates through Liberty Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico segments. It offers communications and entertainment services, including video, broadband internet, fixed-line, telephony, and mobiles services to residential and business customers; and business products and services comprising enterprise-grade connectivity, data center, hosting, and managed solutions, as well as information technology solutions for small and medium enterprises, international companies, and governmental agencies. The company also operates a subsea and terrestrial fiber optic cable network that connects approximately 30 markets in the region for providing connectivity solutions; and offers voice and data services, such as value-added, data-based, and fixed-mobile converged services. It provides its services under the brands of Liberty Business, LIBERTY NETWORKS, Liberty, BTC, Flow, and +movil. The company was incorporated in 2017 and is based in Hamilton, Bermuda. ### Why customers stay Margins ranged from 66.5% to 67.5% during 2023–25; it earns 1.3% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 66.6%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 66.5%. - Source: https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 67.5%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.07589841633046306],[2017,-0.033518984446477586],[2018,-0.004625843588725685],[2019,0.047726969292389856],[2020,0.014018773443003752],[2021,0.010155141843971632],[2022,0.012043744161863974],[2023,0.07361502600932376],[2024,-0.006788293897882939],[2025,0.08413585364932885]]; median 0.013031258802433863. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 5 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 589100000; cash acquisitions 161200000; owner earnings 194700000. Growth capex plus acquisitions / owner earnings = 0.8279404211607602. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 660100000; cash acquisitions 230800000; owner earnings 79900000. Growth capex plus acquisitions / owner earnings = 2.888610763454318. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 585000000; cash acquisitions 0; owner earnings 349700000. Growth capex plus acquisitions / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,20000000],[2017,54900000],[2018,0],[2019,0],[2020,1319000000],[2021,47600000],[2022,1900000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 18.8% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LILA.US SharesStats.PercentInsiders = 18.812 percentage points; cache date 2026-10-15. ### What the price says The price is 0.5 times annual sales; cash earnings are negative. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 8.25 USD; reporting-to-trading FX 1; FY2025 annual sales per share 15.126811594202898; price multiple 0.5453892215568862. FY2025 cash earnings/share -0.7025035414623515. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-11: $13.82 per share - 2016-12: $14.06 per share - 2017-01: $14.74 per share - 2017-02: $15.66 per share - 2017-03: $14.24 per share - 2017-04: $13.75 per share - 2017-05: $13.52 per share - 2017-06: $13.94 per share - 2017-07: $16.47 per share - 2017-08: $16.65 per share - 2017-09: $15.21 per share - 2017-10: $13.91 per share - 2017-11: $13.32 per share - 2017-12: $12.90 per share - 2018-01: $14.37 per share - 2018-02: $13.25 per share - 2018-03: $12.45 per share - 2018-04: $11.78 per share - 2018-05: $13.88 per share - 2018-06: $12.24 per share - 2018-07: $12.22 per share - 2018-08: $12.62 per share - 2018-09: $13.34 per share - 2018-10: $11.51 per share - 2018-11: $11.69 per share - 2018-12: $9.27 per share - 2019-01: $11.16 per share - 2019-02: $12.56 per share - 2019-03: $12.38 per share - 2019-04: $13.40 per share - 2019-05: $10.92 per share - 2019-06: $11.03 per share - 2019-07: $10.49 per share - 2019-08: $10.51 per share - 2019-09: $10.93 per share - 2019-10: $11.97 per share - 2019-11: $11.40 per share - 2019-12: $12.36 per share - 2020-01: $10.68 per share - 2020-02: $9.70 per share - 2020-03: $6.74 per share - 2020-04: $6.85 per share - 2020-05: $6.38 per share - 2020-06: $6.22 per share - 2020-07: $6.58 per share - 2020-08: $6.27 per share - 2020-09: $5.60 per share - 2020-10: $6.66 per share - 2020-11: $7.71 per share - 2020-12: $7.56 per share - 2021-01: $6.85 per share - 2021-02: $7.45 per share - 2021-03: $8.72 per share - 2021-04: $9.43 per share - 2021-05: $9.69 per share - 2021-06: $9.42 per share - 2021-07: $9.27 per share - 2021-08: $9.69 per share - 2021-09: $8.89 per share - 2021-10: $8.17 per share - 2021-11: $7.72 per share - 2021-12: $7.92 per share - 2022-01: $7.43 per share - 2022-02: $6.83 per share - 2022-03: $6.59 per share - 2022-04: $6.28 per share - 2022-05: $6.46 per share - 2022-06: $5.30 per share - 2022-07: $5.01 per share - 2022-08: $4.76 per share - 2022-09: $4.21 per share - 2022-10: $5.29 per share - 2022-11: $5.26 per share - 2022-12: $5.12 per share - 2023-01: $6.68 per share - 2023-02: $5.99 per share - 2023-03: $5.65 per share - 2023-04: $6.03 per share - 2023-05: $4.97 per share - 2023-06: $5.94 per share - 2023-07: $5.71 per share - 2023-08: $6.07 per share - 2023-09: $5.54 per share - 2023-10: $4.64 per share - 2023-11: $4.60 per share - 2023-12: $4.97 per share - 2024-01: $4.78 per share - 2024-02: $4.37 per share - 2024-03: $4.74 per share - 2024-04: $5.13 per share - 2024-05: $6.16 per share - 2024-06: $6.53 per share - 2024-07: $7.12 per share - 2024-08: $6.43 per share - 2024-09: $6.51 per share - 2024-10: $6.65 per share - 2024-11: $4.73 per share - 2024-12: $4.32 per share - 2025-01: $4.20 per share - 2025-02: $4.60 per share - 2025-03: $4.30 per share - 2025-04: $3.68 per share - 2025-05: $3.34 per share - 2025-06: $4.14 per share - 2025-07: $4.79 per share - 2025-08: $5.48 per share - 2025-09: $5.63 per share - 2025-10: $5.30 per share - 2025-11: $5.90 per share - 2025-12: $5.02 per share - 2026-01: $5.24 per share - 2026-02: $5.33 per share - 2026-03: $5.87 per share - 2026-04: $5.52 per share - 2026-05: $5.48 per share - 2026-06: $7.84 per share - 2026-07: $8.15 per share - 2026-08: $8.61 per share - 2026-09: $8.28 per share - 2026-10: $8.25 per share ## Annual estimated value (USD per share) - FY2016: low $5.38 per share, central $5.75 per share, high $6.24 per share - FY2017: low $2.53 per share, central $2.63 per share, high $2.76 per share - FY2023: low $4.87 per share, central $5.23 per share, high $5.72 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1712184/000171218426000023/lila-20251231.htm); period 2025-12-31, filed 2026-02-18. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
LILA · US
Not a wonderful business
4 quality tests fail. A lower price would not fix the business.
10 loss years were recorded (limit 2), and margins varied 134% around their average (limit 35%).
Capital return excluding acquisitions: median 1.3% (minimum 15%), and the second-worst year -0.7% (minimum 10%).
Owners received -218 million over five years (must be positive).
Per-share value fell from -1.38 to -2.08, comparing three-year medians at each end (must rise and stay positive).
Profits were backed by cash: accruals were -11.6% of assets (limit 10%).
Profit record · fail 10 loss years in 10 (at most 2), mean operating margin 4.8%, three-year average owner earnings per share -0.12 USD. 10 loss years in the last 10; at most 2 allowed. Three-year average owner earnings per share is not positive.